Bristol-Celgene Merger a Go; Maintaining Our FVEs and Bristol Looks Undervalued
Shareholders of both Bristol-Myers Squibb and Celgene have voted to approve the merger between the two companies, which should close in the third quarter. We're maintaining our $65 fair value estimate for Bristol, which had already assumed that the merger would be completed, as well as our $120 fair value estimate for Celgene, which uses Bristol's fair value estimate as the value of the shares distributed to Celgene shareholders as part of the cash and stock deal. We think that the combined comp...Celgene is a global biopharmaceutical company engaged primarily in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation. The company's primary commercial stage products include: REVLIMID?, an oral immunomodulatory drug; POMALYST?/IMNOVID?, a proprietary, small molecule; OTEZLA?, an oral small-molecule inhibitor of phosphodiesterase 4 for cyclic adenosine monophosphate; ABRAXANE?, a solvent-free chemotherapy product; and VIDAZA?, a pyrimidine nucleoside analog. In addition, the company provides other product sales and licensing arrangements.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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